Nike Accused Of Tax Avoidance

Nike denys claims

2017-11-07T01:01:56Z

Nike has been accused of avoiding tax in leaked papers.

The sportswear company is one of several large companies named in the Pradise Papers, a database comprising around 13.4 million documents detailing the tax affairs of some of the wealthiest people and companies on the planet.

Nearly 100 media organisations were involved in sifting through the tranche of files, which were obtained by the German newspaper Suddeutsche Zeitung and shared with International Consortium of Investigative Journalists (ICIJ).

International companies including the sportswear company and Apple feature prominently in the list, highlighted for their alleged use of aggressive tax avoidance schemes.

ABC’s Four Corners reported on Monday night that Nike sold about $500 million of sportswear in Australia last year but recorded profits of around 2 percent of sales – paying just $4.5 million in tax. However, Nike told Four Corners it abided by tax regulations.

But perhaps the biggest name to emerge from the list is the head of the British monarchy. According to reports, around PS10 million ($A20 million) from the Queen's private fund was paid into funds in the Cayman Islands and Bermuda between 2004 and 2005. A small part of the cash was traced to a lender which has previously been criticised for ripping off poor customers.

"All of our investments are fully audited and legitimate," a spokesman for the estate said.